FHA loans with a case number assigned on or after April 5, 2010, will have a 2.25% upfront mortgage insurance premium. This is a .5% increase. Case numbers are generally assigned when there is a contract with a property address, and a closing date AND the borrower has committed to go forward with the loan.

Annual premiums (remitted on a monthly basis) will not change at this time.

New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5% down payment program. Borrowers with less than a 580 FICO score will be required to put at least 10% down.

Seller concessions will be reduced from 6% to 3%. HUD has not yet released an effective date for this change.

About Max Leaman Austin Mortgage

Great Rates, Low Fees, Close on Time® – (800) 301-3405
Since 2001, Leaman Team has helped clients to purchase, refinance and renovate. The biggest distinction between lenders is their honesty, customer service, and ability to close on time.

We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800-450-2010, ext. 7100 or you may contact us by email at customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day.